- Nuveen Long/Short Commodity Total
Return Fund Announces Shareholder Approval of Conversion
- Nuveen Diversified Commodity Fund
Adjourns Annual Meeting to Permit Continued Solicitation of
Votes
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that shareholders of the Nuveen Long/Short Commodity
Total Return Fund (NYSE MKT: CTF), have approved the plan to
convert the fund into open-ended exchange-traded fund (ETF). The
conversion plan is also contingent on customary regulatory
approvals.
As previously announced, the purpose of the conversion is to
seek a closer alignment between the fund’s share price and net
asset value. The Annual Meeting of Shareholders for the Nuveen
Diversified Commodity Fund (NYSE MKT: CFD) has been
adjourned to June 15, 2015, to allow additional solicitation of
votes on the proposed plan to convert the fund into an ETF. The
adjournment will be until 11:00 a.m., Central Time, on Monday, June
15, 2015, at the offices of Nuveen Investments, 333 W. Wacker Dr.,
Chicago, Illinois. During the pendency of the adjourned meeting,
shareholders holding shares as of the record date of January 30,
2015, who have not yet voted are encouraged to vote on the
conversion plan. Brokers cannot vote the shares on this non-routine
matter, so shareholders holding shares through a brokerage firm
must vote their shares for the purposes of receiving sufficient
votes to decide this issue. Shareholders may also change their vote
by executing a new proxy.
With today’s announcement of shareholder approval, the
conversion of CTF now requires regulatory approval. The conversion
of CFD requires both shareholder approval and regulatory approval.
Assuming the necessary approvals are obtained, the conversion of
both funds to ETFs is expected to be completed in the fourth
quarter of 2015. However, there can be no assurance that such
approvals will be obtained, or if obtained, that the conversions
will be completed in the anticipated time frame or will achieve
their stated purpose.
The funds are not currently, and after the conversion will not
be, mutual funds or any other type of investment companies within
the meaning of the Investment Company Act of 1940. CFD has filed a
proxy statement with the Securities and Exchange Commission (SEC)
pursuant to which CFD continues to solicit proxies in connection
with seeking shareholder approval of its conversion plan. CFD
shareholders are urged to thoroughly read the proxy statement CFD
has filed with the SEC, any supplements thereto and any other
relevant documents that CFD has filed or may file with the SEC in
the future (when they become available), as they contain important
information. CFD shareholders are able to obtain, free of charge,
copies of the proxy statement and any other documents filed by the
fund with the SEC in connection with the annual meeting at the
SEC’s website at www.sec.gov, by calling NCAM at 877-827-5920 or by
writing the fund at 333 W. Wacker Drive, Chicago, Illinois,
60606.
Investors planning to purchase shares of the funds prior to year
end should refer to the tax section of their respective Information
Statements, review the detailed Tax Q&A located on the Funds’
website, and consult their tax advisors. Investors who buy shares
at a discount to NAV and hold them through year end may be subject
to an acceleration of capital gain recognition. Important
information regarding the funds’ investment strategies and risks is
set forth in their respective Information Statements available on
the funds’ website.
Investments in shares of the funds are subject to investment
risk, including the possible loss of the entire amount invested.
The funds invest primarily in commodity futures contracts and
options on commodity futures contracts, which have a high degree of
price variability and are subject to rapid and substantial price
changes. The funds could incur significant losses on their
commodity investments. The funds are not mutual funds, closed-end
funds, or any other type of “investment company” within the meaning
of the Investment Company Act of 1940, as amended, and are not
subject to regulation thereunder. For more information about the
funds, including a more complete description of risks, please see
the funds’ website.
This is not a solicitation to buy or sell the funds’ shares. The
funds do not presently offer any new shares for sale; existing
shares trade on the NYSE MKT.
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, LLC, Symphony Asset Management
LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset
Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital
Management, LLC and Gresham Investment Management LLC, all of which
are registered investment advisers and independent investment
subsidiaries of Nuveen Investments, Inc. Nuveen Commodities Asset
Management, LLC ("NCAM") is the manager of the funds. NCAM is
registered as a commodity pool operator ("CPO") with the Commodity
Futures Trading Commission ("CFTC"). Nuveen Investments operates as
a separate subsidiary within TIAA-CREF, which is a leading provider
of retirement and financial services in the academic, research,
medical and cultural fields. In total, Nuveen Investments managed
approximately $233 billion as of March 31, 2015. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
Forward-Looking Statements
This press release includes forward-looking statements,
including statements concerning the purposes and timing of the
conversion plan, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that involve
substantial risks and uncertainties. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “potential” or the negative of these terms
or other comparable terminology. These forward-looking statements
are based on current expectations, estimates and projections and
are subject to a number of risks, uncertainties and other factors,
both known and unknown, that could cause the actual results,
performance, prospects or opportunities of the funds to differ
materially from those expressed in, or implied by, these
forward-looking statements.
You should not place undue reliance on any forward-looking
statements. Except as expressly required by the federal securities
laws or otherwise, the funds undertake no obligation to publicly
update or revise any forward-looking statements or the risks,
uncertainties or other factors described in this press release, as
a result of new information, future events or changed circumstances
or for any other reason after the date of this press release.
8086-INV-O-05/16
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version on businesswire.com: http://www.businesswire.com/news/home/20150518005291/en/
Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312)
917-8343kristyna.munoz@nuveen.com
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